BEACH INVESTMENT COUNSEL INC/PA

WEST CONSHOHOCKEN, PA · CIK 1058800 · 13F filing filed 2025-04-14

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

$679.4m reported value -8.2% vs Q4 2024

117positions

50.0%in top 10

7 new 6 added 68 reduced 10 sold out vs Q4 2024

Holdings, Q1 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ENTERPRISE PRODS PARTNERS L COM EPD	EPD	2,021,932	$69.0m10.16%	10.16%	Reduced -54.2k	-54,180 -2.6%
2	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	2,666,295	$49.6m7.30%	7.30%	Reduced -84.7k	-84,657 -3.1%
3	MPLX LP COM UNIT REP LTD MPLX	MPLX	848,333	$45.4m6.68%	6.68%	Reduced -20.4k	-20,446 -2.4%
4	VISTRA CORP COM VST	VST	284,086	$33.4m4.91%	4.91%	Reduced -34.9k	-34,912 -10.9%
5	AMAZON COM INC COM AMZN	AMZN	159,054	$30.3m4.45%	4.45%	Reduced -17.6k	-17,624 -10.0%
6	CHENIERE ENERGY INC COM NEW LNG	LNG	115,895	$26.8m3.95%	3.95%	Reduced -3.1k	-3,096 -2.6%
7	NEXTERA ENERGY INC COM NEE	NEE	349,117	$24.7m3.64%	3.64%	Reduced -41.5k	-41,471 -10.6%
8	ALPHABET INC CAP STK CL A GOOGL	GOOGL	153,784	$23.8m3.50%	3.50%	Reduced -13.8k	-13,751 -8.2%
9	HEALTHCARE RLTY TR CL A COM HR	HR	1,109,343	$18.7m2.76%	2.76%	Reduced -140.4k	-140,448 -11.2%
10	JPMORGAN CHASE & CO COM JPM	JPM	72,055	$17.7m2.60%	2.60%	Reduced -10.3k	-10,336 -12.6%
11	COCA COLA CO COM KO	KO	245,049	$17.6m2.58%	2.58%	Reduced -32.9k	-32,917 -11.8%
12	META PLATFORMS INC CL A META	META	29,072	$16.8m2.47%	2.47%	Reduced -340	-340 -1.2%
13	MICROSOFT CORP COM MSFT	MSFT	43,398	$16.3m2.40%	2.40%	Reduced -3.3k	-3,302 -7.1%
14	MASTERCARD INCORPORATED CL A MA	MA	28,905	$15.8m2.33%	2.33%	Reduced -718	-718 -2.4%
15	BANK AMERICA CORP COM BAC	BAC	371,688	$15.5m2.28%	2.28%	Added +173.9k	+173,935 88.0%
16	CITIGROUP INC COM NEW C	C	198,261	$14.1m2.07%	2.07%	Reduced -38.5k	-38,548 -16.3%
17	VISA INC COM CL A V	V	39,587	$13.9m2.04%	2.04%	Reduced -975	-975 -2.4%
18	CLEARWAY ENERGY INC CL C CWEN	CWEN	404,328	$12.2m1.80%	1.80%	Reduced -11.9k	-11,938 -2.9%
19	APOLLO GLOBAL MGMT INC COM APO	APO	88,017	$12.1m1.77%	1.77%	Reduced -51.4k	-51,381 -36.9%
20	APPLE INC COM AAPL	AAPL	51,495	$11.4m1.68%	1.68%	Reduced -1.9k	-1,945 -3.6%
21	CRH PLC ORD CRH	CRH	116,802	$10.3m1.51%	1.51%	Reduced -52.5k	-52,522 -31.0%
22	PG&E CORP COM PCG	PCG	575,052	$9.9m1.45%	1.45%	Added +130.3k	+130,285 29.3%
23	HOWARD HUGHES HOLDINGS INC COM HHH	HHH	112,698	$8.3m1.23%	1.23%	Added +6.3k	+6,326 6.0%
24	DTE ENERGY CO COM DTE	DTE	59,650	$8.2m1.21%	1.21%	Reduced -1.9k	-1,918 -3.1%
25	BAE SYSTEMS PLC COM BAESY	BAESY	98,678	$8.1m1.19%	1.19%	Reduced -3.7k	-3,688 -3.6%
26	CENTERPOINT ENERGY INC COM CNP	CNP	215,466	$7.8m1.15%	1.15%	Reduced -38.1k	-38,136 -15.0%
27	MONDELEZ INTL INC CL A MDLZ	MDLZ	114,140	$7.7m1.14%	1.14%	Added +47.7k	+47,723 71.8%
28	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	13,410	$7.5m1.10%	1.10%	Unchanged
29	PPL CORP COM PPL	PPL	206,976	$7.5m1.10%	1.10%	Added +23.1k	+23,138 12.6%
30	PNC FINL SVCS GROUP INC COM PNC	PNC	34,126	$6.0m0.88%	0.88%	Reduced -1.1k	-1,107 -3.1%
31	KKR & CO INC COM KKR	KKR	45,600	$5.3m0.78%	0.78%	Reduced -1.5k	-1,500 -3.2%
32	JOHNSON & JOHNSON COM JNJ	JNJ	30,794	$5.1m0.75%	0.75%	Reduced -1.6k	-1,645 -5.1%
33	BLACKSTONE INC COM BX	BX	28,236	$3.9m0.58%	0.58%	Reduced -730	-730 -2.5%
34	WEYERHAEUSER CO MTN BE COM NEW WY	WY	119,550	$3.5m0.52%	0.52%	Reduced -6.9k	-6,900 -5.5%
35	WILLIAMS COS INC COM WMB	WMB	56,781	$3.4m0.50%	0.50%	Unchanged
36	Nestle SA ADR COM NSRGY	NSRGY	32,790	$3.3m0.49%	0.49%	Reduced -2.3k	-2,295 -6.5%
37	MERCK & CO INC COM MRK	MRK	34,433	$3.1m0.45%	0.45%	Reduced -1.0k	-1,042 -2.9%
38	PROCTER AND GAMBLE CO COM PG	PG	17,873	$3.0m0.45%	0.45%	Reduced -1.1k	-1,105 -5.8%
39	NOVARTIS AG SPONSORED ADR NVS	NVS	26,347	$2.9m0.43%	0.43%	Reduced -1.2k	-1,219 -4.4%
40	ALPHABET INC CAP STK CL C GOOG	GOOG	18,280	$2.9m0.42%	0.42%	Reduced -300	-300 -1.6%
41	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	5,350	$2.7m0.39%	0.39%	Unchanged
42	ENGIE SA SPONS ADR ADR ENGIY	ENGIY	127,950	$2.5m0.37%	0.37%	Reduced -1.6k	-1,600 -1.2%
43	BROOKFIELD INFRAST PARTNERS LP INT UNIT BIP	BIP	82,623	$2.5m0.36%	0.36%	Reduced -4.0k	-3,975 -4.6%
44	ROCHE HLDG LTD FSPONSORED ADR 1 ADR RE 0.125 ORD SHS COM RHHBY	RHHBY	53,910	$2.2m0.33%	0.33%	Reduced -3.6k	-3,650 -6.3%
45	Siemens AG COM SIEGY	SIEGY	19,121	$2.2m0.32%	0.32%	Reduced -950	-950 -4.7%
46	UBS GROUP AG SHS UBS	UBS	71,775	$2.2m0.32%	0.32%	Unchanged
47	PLAINS GP HLDGS L P LTD PARTNR INT A PAGP	PAGP	101,142	$2.2m0.32%	0.32%	Reduced -845	-845 -0.8%
48	Deutsche Telekom AG ADR COM DTEGY	DTEGY	58,150	$2.2m0.32%	0.32%	Reduced -1.1k	-1,149 -1.9%
49	ELI LILLY & CO COM LLY	LLY	2,610	$2.2m0.32%	0.32%	Unchanged
50	CISCO SYS INC COM CSCO	CSCO	34,918	$2.2m0.32%	0.32%	Unchanged
51	PEPSICO INC COM PEP	PEP	14,025	$2.1m0.31%	0.31%	Reduced -250	-250 -1.8%
52	KENNEDY-WILSON HOLDINGS INC COM KW	KW	241,282	$2.1m0.31%	0.31%	Reduced -169.7k	-169,723 -41.3%
53	NATIONAL GRID PLC SPONSORED ADR NE NGG	NGG	31,808	$2.1m0.31%	0.31%	Reduced -3.0k	-3,000 -8.6%
54	MEDTRONIC PLC SHS MDT	MDT	21,232	$1.9m0.28%	0.28%	Reduced -1.6k	-1,550 -6.8%
55	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	3,552	$1.9m0.28%	0.28%	Reduced -374	-374 -9.5%
56	UNILEVER PLC SPON ADR NEW SPON ADR NEW		31,752	$1.9m0.28%	0.28%	Reduced -2.8k	-2,800 -8.1%
57	UNION PAC CORP COM UNP	UNP	7,821	$1.8m0.27%	0.27%	Reduced -1.0k	-1,036 -11.7%
58	NEWMONT CORP COM NEM	NEM	34,535	$1.7m0.25%	0.25%	New
59	BRANDYWINE RLTY TR SH BEN INT NEW BDN	BDN	370,263	$1.7m0.24%	0.24%	New
60	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	28,640	$1.6m0.24%	0.24%	Added +1.1k	+1,100 4.0%
61	PERRIGO CO PLC SHS PRGO	PRGO	54,428	$1.5m0.22%	0.22%	New
62	NVIDIA CORPORATION COM NVDA	NVDA	13,272	$1.4m0.21%	0.21%	Reduced -16.6k	-16,553 -55.5%
63	FEDEX CORP COM FDX	FDX	5,748	$1.4m0.21%	0.21%	Reduced -161	-161 -2.7%
64	ISHARES TR U.S. TECH ETF IYW	IYW	9,800	$1.4m0.20%	0.20%	Unchanged
65	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	4,420	$1.4m0.20%	0.20%	Reduced -539	-539 -10.9%
66	RTX CORPORATION COM RTX	RTX	7,962	$1.1m0.16%	0.16%	Unchanged
67	EXXON MOBIL CORP COM XOM	XOM	8,846	$1.1m0.15%	0.15%	Unchanged
68	SYSCO CORP COM SYY	SYY	13,920	$1.0m0.15%	0.15%	Unchanged
69	PROLOGIS INC. COM PLD	PLD	8,996	$1.0m0.15%	0.15%	Unchanged
70	COSTCO WHSL CORP NEW COM COST	COST	1,042	$986.0k0.15%	0.15%	Reduced -125	-125 -10.7%
71	United Overseas Bank Ltd ADR UOVEY	UOVEY	17,105	$963.0k0.14%	0.14%	New
72	Iberdrola SA ADR IBDRY	IBDRY	13,700	$884.0k0.13%	0.13%	Reduced -1.2k	-1,250 -8.4%
73	ORACLE CORP COM ORCL	ORCL	6,000	$839.0k0.12%	0.12%	Unchanged
74	VEOLIA ENVIRONMENT ADR COM VEOEY	VEOEY	47,700	$822.0k0.12%	0.12%	Reduced -8.2k	-8,250 -14.8%
75	S&P GLOBAL INC COM SPGI	SPGI	1,600	$813.0k0.12%	0.12%	Unchanged
76	DEERE & CO COM DE	DE	1,710	$803.0k0.12%	0.12%	Reduced -65	-65 -3.7%
77	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	1	$798.0k0.12%	0.12%	Unchanged
78	GRAINGER W W INC COM GWW	GWW	793	$783.0k0.12%	0.12%	Reduced -5	-5 -0.6%
79	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	3,144	$782.0k0.12%	0.12%	Unchanged
80	KINDER MORGAN INC DEL COM KMI	KMI	25,066	$715.0k0.11%	0.11%	Reduced -2.7k	-2,674 -9.6%
81	CHUBB LIMITED COM CB	CB	2,105	$636.0k0.09%	0.09%	Unchanged
82	AMERICAN INTL GROUP INC COM NEW AIG	AIG	7,142	$621.0k0.09%	0.09%	Unchanged
83	CHEVRON CORP NEW COM CVX	CVX	3,687	$617.0k0.09%	0.09%	Unchanged
84	ONEOK INC NEW COM OKE	OKE	5,977	$593.0k0.09%	0.09%	Reduced -1.2k	-1,152 -16.2%
85	LINDE PLC SHS LIN	LIN	1,250	$582.0k0.09%	0.09%	Unchanged
86	EMERSON ELEC CO COM EMR	EMR	5,150	$565.0k0.08%	0.08%	Unchanged
87	KIMBERLY-CLARK CORP COM KMB	KMB	3,784	$538.0k0.08%	0.08%	Reduced -50	-50 -1.3%
88	AMERICAN EXPRESS CO COM AXP	AXP	1,930	$519.0k0.08%	0.08%	Reduced -845	-845 -30.4%
89	ABBOTT LABS COM ABT	ABT	3,820	$507.0k0.07%	0.07%	Unchanged
90	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	5,150	$503.0k0.07%	0.07%	Reduced -250	-250 -4.6%
91	CATERPILLAR INC COM CAT	CAT	1,473	$486.0k0.07%	0.07%	Reduced -60	-60 -3.9%
92	STATE STR CORP COM STT	STT	5,268	$472.0k0.07%	0.07%	Reduced -50	-50 -0.9%
93	ALLIANCEBERNSTEIN HLDG L P UNIT LTD PARTN AB	AB	12,125	$465.0k0.07%	0.07%	Unchanged
94	PFIZER INC COM PFE	PFE	16,557	$420.0k0.06%	0.06%	Reduced -1.4k	-1,400 -7.8%
95	DISNEY WALT CO COM DIS	DIS	4,210	$416.0k0.06%	0.06%	Reduced -9.3k	-9,299 -68.8%
96	UBER TECHNOLOGIES INC COM UBER	UBER	5,500	$401.0k0.06%	0.06%	Unchanged
97	METLIFE INC COM MET	MET	4,900	$393.0k0.06%	0.06%	Reduced -200	-200 -3.9%
98	WELLS FARGO CO NEW COM WFC	WFC	5,158	$370.0k0.05%	0.05%	Reduced -75	-75 -1.4%
99	SPOTIFY TECHNOLOGY S A SHS SPOT	SPOT	673	$370.0k0.05%	0.05%	Unchanged
100	BNP PARIBAS ADR COM BNPQY	BNPQY	8,550	$357.0k0.05%	0.05%	New

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
BOSTON SCIENTIFIC CORP BSX	BSX	116,921	$10.4m116.9k shares
DUOLINGO INC DUOL	DUOL	6,352	$2.1m6.4k shares
CENTURY CMNTYS INC CCS	CCS	14,587	$1.1m14.6k shares
Deutsche Post AG DHLGY	DHLGY	23,129	$807.0k23.1k shares
HEALTHPEAK PROPERTIES INC DOC	DOC	21,215	$430.0k21.2k shares
BROOKFIELD INFRASTRUCTURE CO BIPC	BIPC	9,923	$397.0k9.9k shares
E ON SE SPONSORED ADR EONGY	EONGY	24,350	$283.0k24.4k shares
SEAPORT ENTMT GROUP INC SEG	SEG	8,052	$225.0k8.1k shares
INTEL CORP INTC	INTC	10,392	$208.0k10.4k shares
BROOKFIELD CORP BN	BN	3,500	$201.0k3.5k shares